Your renovation profiled in API Magazine

That one I wrote about wasnt renovation gain; just realising market value. I may have another project in the works though

 

Keep me in the Loop!!

 

that is pretty much the bottle line for a IP Reno if people wants to gain value/profit via renovation, otherwise do not bother with the reno.

 

I think the idea is that there's lots of people ready with "of course I do that every time", but in this case you have to pony up the proof that you're not just mouthing off by providing the numbers (and proof perhaps?) from real life.

There was an thread on SS about it too if I recall, but surprisingly few people could actually provide the figures, let alone with pre and post pics and sales data. I certainly can't!

...and ignoring the case of Sydney like - it took me 12 months to reno, cost $5000, and the property 5km from the CBD went up $400,000

 

Ok, a bit figure for you if you like, a housr in blacktown area, Pre reno bank value $450k, spent $18k on reno, same bank value post reno $570k, it was a 3weeks quick reno, $120k gain. It was the market force did the majority of the growth, teno helped. So when read API, be a bit smarter about their numbers, it is not always what it appears.

 

Before starting a reno you need yo know where the prop suits with others on the market, work out val. Then look at properties with the "finished renos" to get an idea of the "after" price, then work back.
A new bathroom prop will often be more than unreno'd plus the going rate for a new bathroom reno say 15k. So original prop plus 15k, you need to do the reno for 7.5k to double money.

Bedrooms are the easy gains as the work can be a lot less, even using trades

I'll be going back through old data and my numbers to double check. You can easily lose track of a reno when the market starts going bananas

 

I spent 85k on a house reno which included the removal house I had to reno. Kept the original house on the block as a granny flat. Value of the property pre reno 440k. Value post 700k+

Have another month or so of renos before the reval though.

 

Your is a bit more than just an ordinary reno, Tim!

 

Tim's would take up the whole mag!

 

It would need a centrefold.

 

Lol what are you guys talking about. Mine was a standard cosmetic reno

 

I was thinking of the big one in your profile pic.

 

The reno he's doing now is big too.

 

Too many reno projects to choose from.

 

I reckon Tim's various projects would make a great article for any PI Mag.

 

Only problem is it wouldnt really appeal to the get rich quick with no effort crowd.

"Work all your weekends and your holidays for years and years and spend every last cent on investment properties and you too can have success in the property market"

That may not go down well

 

On the contrary - love writing up stories about putting in some hard work and smart thinking to reap rewards. I reckon Tim's sounds like a cracking story!

 

Yes. Especially the part about what he's put into it. I love reading stuff that makes sense and has pretty pictures.